In this Discussion

Can Real Estate Earn Me a Full Income in 5 Years?

Howdy. I'm living in Colorado Springs. My name's Keaton. I've been in college for 3 years; I can't take it anymore, and am currently looking to set up a way that I can generate passive income forever (atleast mostly-passive). I am undertaking this while I'm young because it's the only thing I desire in life right now. I hate working while achieving nothing (hence quitting school & craving passive income). I'm paying $350 rent, don't have to pay off loans yet, and am in the busy Front Range.

If I begin real estate, I am diving in head first. Not financially, though. What I mean is, I'm going to live, eat, and breathe it. Why waste my own time? So, it is this reason why I ask you people: Can I achieve my goal in 5 years? If you say yes, then I can stand that. If you say "No, but maybe 10 years", I will get sick thinking of working a job I hate for 10 years on the side. There's more to it, yes... I have little money and zero experience. But in a nutshell, can a hard working 4.0 student with little to lose see this in his possible future?

Thanks.

-Keaton G.

Comments

No, you can not achieve that in 5 years with little money to start. Most likely.

Sorry dude, but there are no easy rides in life, otherwise everybody would be taking the easy ride. Everybody 'craves' passive income, but even managing a trust fund or a bunch of rental properties is work and headaches.

But if you work hard in a field you enjoy, you'll get to your goal faster. But nothing will come easy, especially 'passive income'.

Haha, Mark. We're basically saying the same thing, except you start out with Yes (great motivator), and I start out with No (kick in the pants, or most likely outcome). Depends on Keaton's personality which approach works best. There was just something about the "If you say "No, but maybe 10 years", I will get sick thinking of working a job I hate for 10 years on the side" that rubbed me the wrong way. Grow up, 10 years to achieve 'passive income forever' is not a long time and a great accomplishment.

Plus passive income is never passive (i.e. no effort), unless you're on the receiving end of a trust fund that is managed by somebody else. Being rich is still work, staying informed and overseeing 'your people'. You're not going to stay rich for long if you stop working.

I think you can do it. Just break your big target into small pieces. I mean to succeed in this field, you need more experience and money. So why not start by working for a real estate company to get experience and save money, then after 2-3 years, you will find it is easier to achieve your goal
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